BUSINESS
FG To Sell Three Power Plants For N434 Billion
The Federal Government has revealed that it was making arrangement to sell Geregu, Omotosho and Calabar power plants for N434 billion in 2021. The government also hinted of its plan to concession National Art Theatre, Tafawa Balewa Square and all the River Basin Development Authorities at N836 million. Similarly, the federal authorities said that it would concession the National Stadium,...
FG May Increase VAT Rate By 2.5% In 2021
Federal Government on Tuesday disclosed that it has spent N7.09 trillion as at the end of the third quarter of 2020 fiscal year, just as it unveiled plans to introduce additional 2.5% Value Added Tax (VAT) rate in 2021 fiscal year as part of efforts aimed at increasing revenue generation. Minister of Finance, Budget and National Planning, Dr Zainab Ahmed...
Reps Summon NNPC Boss, Emefiele, Over Unremitted N3.2tn
The House of Representatives has summoned the Group Managing Director of the Nigerian National Petroleum Corporation, Mele Kyari; and the Governor of the Central Bank of Nigeria, Godwin Emefiele, over non-remittance of $19.25bn (approximately N3.24tn) revenue that accrued from sales of crude oil in 2014. Chairman of the House Committee on Public Accounts, Wole Oke, issued the summons based on...
UAE Offers Doctors, Students 10-year Golden Residency Visa
The United Arab Emirates said Sunday it will grant all doctors and infectious disease experts living in the country a 10-year visa, who are helping to combat the coronavirus pandemic. Foreigners in the UAE, like most Gulf countries, are generally only given limited residence visas tied to their current employment, and long-term residency is difficult to obtain. But to attract wealthy...
Petrol To Sell At N168 As PPMC Increases Depot Rate
The Petroleum Products Marketing Company, PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), has increased the depot price of premium motor spirit, better known as petrol. In a November 11 internal memo signed by Ali Tijjani, the PPMC proposed that the November depot price of petrol be increased to N155.17 from N147.67 per litre. According to the memo, the...
BREAKING: Petrol Pump Price Now N170 Per Litre
The Independent Petroleum Marketers Association of Nigeria (IPMAN ) has directed marketers to sell the Premium Motor Spirit (PMS ) for N170 per litre. The instruction followed Thursday’s night announcement of N155 .17ex-depot price to the marketers. IPMAN National Vice President, Alhaji Abubakar Maigandi, said: “The PPPMC ) last midnight told us that the ex-depot price is now N155. 17 per...
Take Advantage Of Nigeria’s Resources For Investment, Buhari Urges International Community
President Muhammadu Buhari on Thursday urged the international community and investors to take advantage of Nigeria’s diversity in human and natural resources for investment. The President also explained that his administration remains committed to youth development, integration and employment. He spoke at a ceremony to receive the Letters of Credence of the Ambassadors of Belgium, Mauritania, Austria and Norway at the...
FG On Course To Pass Budget Before 2021 – Budget Office
The Federal Government is on course to ensure that the 2021 Appropriation Bill currently before the National Assembly is passed before the end of the year. Mr Ben Akabueze, the Director-General of the Budget Office, stated this during his appearance on Channels Television’s Sunrise Daily on Thursday. He noted that the budget defence by various Ministries, Departments, and Agencies (MDAs) before the lawmakers...
#ENDSARS Protest Disruption Cost Economy N1.5 Trillion – FDC
The economic cost of the #EndSARS protest disruption is estimated at N1.5tn, approximately 1.03 per cent of the GDP and 11.47 per cent of the 2021 budget, Financial Derivatives Company Limited has said. “This suggests that the economic recovery path could be longer than anticipated. Massive investment in job-elastic sectors with minimal control on the pricing mechanism will serve as catalysts and...
FG Approves $124.2 Million Loans For Water Projects
The Federal Executive Council has given approval for the collection of $104.2m and $20m loans from two international financial institutions for the development of water projects in Nigeria. According to the Federal Ministry of Water Resources, the loans would come from the African Development Bank and the African Growing Together Fund. A spokesperson for the ministry, Kenechukwu Offie, who disclosed this...
